Bitcoin: This group flees despite BTC’s $60K surge

market performance has recently shown a notable uptick, with a 2.8% increase in the past 24 hours and a 6.8% rise over the week, pushing its price to hover above the $63,000 mark.

This upward movement in price comes amidst various market activities that suggest a more complex scenario than a straightforward bullish trend.Despite the positive price action, deeper market analysis revealed significant behavior changes among traders.This trend was highlighted by a -20% monthly change in Open Interest, indicating a cautious approach where more traders are opting to close positions to wait and see how prices will evolve.

“I think the market needs this negativity for short positions to accumulate, which could then be used to push upwards.” AMBCrypto’s look into Bitcoin’s market sentiment showed that while the king coin was bearish on the daily chart, there might be a short-term upward movement to around the $65,000 level first.This potential rise could be a strategic play by the market to take out liquidity at higher levels before a more significant downturn, possibly going below the $56,000 region.

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